Looks very polished, nicely done. The real problem with new social apps (for me at least) is that I can never get my friends to join anything. Take Rdio for example, another nicely designed app -- I just can't get my friends to use it with me.
Very similar to an idea I had recently for photo sharing. It's both cool and sad to see that someone's doing it.
Edit: I've done a bit more reading on this. Is this Fliggo's (YC08) second iteration? Going to their old site redirects me to Treehouse.
Yes.
Third, if you include Vidly/Tweetvid.
I'm sure it does, what with that upcoming partnership.